Corey Sales sold its old office furniture for $400. The original cost was $8 000, and at the time of sale, it had accumulated depreciation of $7 000. What was the effect of the transaction?

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The Answer of Corey Sales sold its old office furniture for $400. The original cost was $8 000, and at the time of sale, it had accumulated depreciation of $7 000. What was the effect of the transaction?

Corey Sales Sold Its Old Office Furniture for $400